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Socket Mobile News: SCKT Stock Flies 18% on SocketScan-Apple Pay Compatibility

Socket Mobile (NASDAQ:SCKT) news for Wednesday includes the company’s SocketScan S550 device getting approval from Apple (NASDAQ:AAPL).

Image of a person checking out using Apple Pay.

Source: Kaspars Grinvalds /

According to a Socket Mobile news release, the SocketScan S550 is now compatible with Apple Wallet, which in turn means it works with Apple Pay. That’s important as the SocketScan S550 is a contactless membership card reader and writer.

It’s worth noting that Socket Mobile’s focus isn’t on the payment process. Instead, the company’s SocketScan S550 is designed for use with membership and loyalty cards. This allows it to easily, and securely, connect with mobile passes stored in Apple Wallet.

Socket Mobile’s SocketScan S550 isn’t available for customers to purchase yet. The company is currently only sending them out to developers. However, it plans to release the device to everyone on Dec. 1, 2020, with an MSRP of $269.

Vince Coli, staff director of Technical Product Marketing at Socket Mobile, had this to say about the news.

“The S550 delivers an engaging, contactless, and frictionless experience for your customers and guest using mobile passes. The Capture SDK provides our developers with the tools to use the magic of the Apple VAS eco-system. We’re excited to be at the forefront of these new mobile pass capabilities and their ability to improve customer experiences.”

SCKT stock was up 17.5% as of Wednesday morning and is up 66.8% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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